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Condominium Financing

A condominium is not a specific kind of home, but rather a specific kind of ownership. Instead of owning a piece of land outright, as with freehold ownership, condo owners own a space, called a unit, in the condo structure. Each unit is defined by the Condominium Declaration that describes the condo development. The main difference is that condo owners must pay monthly common fees, which cover the cost of insuring and maintaining the condo development.

Most condo financing programs will require the condo to be less than four floors and that the loan be less than the conforming limit, currently $322,700. If you are considering an FHA loan for your condominium, it will need to be on the FHA approved condominium list. However, if the condominium does not meet these standard criteria, there are several programs which will help. Programs are also available for high rise condos and for condominiums whose owner occupancy ratios are below 50%. Rates are generally 1/4% above the current market but you can almost always get your loan done.

Run the numbers on our web site to get an idea about condo financing rates, payments and closing costs. Use our network of lenders and expert mortgage specialists to find the best loan for your condo.

Rates & Closing Costs Quotes for Home Purchase Loan
Property Value / Contract Price Lower of Purchase Price and Appraised Value
Loan Amount Desired  
Down Payment Higher down payment may help to lower rate
Loan Type Preferred  
Property Description SFR - single family residence
Number of Units
(1 for Single Family)
Units > 1 for rental properties
Location  
Occupancy  
Gross Yearly Income, $
(optional, but very important)
Some lenders require to see if you qualify.
Income Documentation Type Choose FullDoc if you can document your income
Zip Code (Where You Live Now)  
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(the lower of 3)
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US Mtg Rates: 12-Oct-2024
30 Yr Fixed Rate
-1.0%
15 Yr Fixed Rate
-1.0%
ARM Mortgage Indexes
5/1 ARM
-1.0%
3/1 ARM
-1.0%
CODI
-1.0%
COSI
-1.0%
12 MTA
-1.0%
COFI 11th District
-1.0%
COFI Federal
-1.0%
12 Month LIBOR ($)
-1.0%
1 Year CMT
-1.0%
Market Indexes & Indicators
WSJ Prime Rate -1.0%
FNMA 15y Fxd Yld-30d -1.0%
FNMA 30y Fxd Yld-30d -1.0%
Federal Funds -1.0%
30 Year Treasury -1.0%
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